Forestar Group (NYSE:FOR) Reaches New 12-Month Low Following Weak Earnings

Forestar Group Inc. (NYSE:FOR) reached a new 52-week low during trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $23.80 and last traded at $24.35, with a volume of 571250 shares trading hands. The stock had previously closed at $26.79.

The oil and gas exploration company reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.33). The company had revenue of $250.40 million during the quarter, compared to analyst estimates of $318,000 billion. Forestar Group had a net margin of 13.48% and a return on equity of 13.59%. The company’s revenue was down 18.1% on a year-over-year basis.

Analyst Ratings Changes

Separately, Citigroup reduced their target price on shares of Forestar Group from $43.00 to $39.00 and set a “buy” rating on the stock in a report on Monday, January 6th.

Hedge Funds Weigh In On Forestar Group

A number of institutional investors have recently added to or reduced their stakes in FOR. Point72 DIFC Ltd bought a new stake in shares of Forestar Group in the 3rd quarter worth about $32,000. nVerses Capital LLC grew its position in Forestar Group by 500.0% in the 3rd quarter. nVerses Capital LLC now owns 1,200 shares of the oil and gas exploration company’s stock worth $39,000 after purchasing an additional 1,000 shares during the last quarter. SG Americas Securities LLC grew its position in Forestar Group by 43.3% in the 4th quarter. SG Americas Securities LLC now owns 5,727 shares of the oil and gas exploration company’s stock worth $148,000 after purchasing an additional 1,731 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in Forestar Group by 474.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,311 shares of the oil and gas exploration company’s stock worth $168,000 after purchasing an additional 4,387 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Forestar Group in the 3rd quarter worth approximately $172,000. Institutional investors and hedge funds own 35.50% of the company’s stock.

Forestar Group Trading Down 0.4 %

The business’s 50 day moving average price is $27.39 and its two-hundred day moving average price is $29.97. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of 6.03 and a beta of 1.74. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.61 and a current ratio of 1.61.

About Forestar Group

Forestar Group Inc operates as a residential lot development company in the United States. The company acquires land and develops infrastructure for single-family residential communities. It sells its residential single-family finished lots to local, regional, and national homebuilders. The company was incorporated in 2005 and is headquartered in Arlington, Texas.